India's Tata Steel on Friday posted a five-fold rise in third-quarter profit, boosted by strong volume growth in India and increasing steel prices.
"Global steel prices have been buoyant with improved trade position in China along with cost push from raw materials," Chief Executive Officer T V Narendran said.
Quarterly total steel deliveries climbed about 8% to 6.56-million tons, with Indian deliveries contributing about 50% of the total.
Total revenue from operations grew 15% to 334.47-billion rupees, with revenue from Indian operations up 22%.
For the quarter ended Dec. 31, profit was 12.94-billion rupees ($200.99 million), compared with 2.43-billion rupees in the same period a year earlier, the steelmaker said in a statement.
Analysts on average had expected a profit of 13.92-billion rupees, according to Thomson Reuters data.
The company also incurred exceptional charges of 11.15-billion rupees on provisions in respect of certain demands and claims from regulatory authorities in India.
Shares of the company ended 2.06% higher in a Mumbai market that ended 1.1% lower.